Paychex (PAYX, $136.89) beats Q3 earnings...

Abhoy Sarkar

published in Blogs

Mar 31, 2022

Paychex (PAYX, $136.89) beats Q3 earnings expectations

Paychex posted its third quarter earnings and revenue, both of which surpassed analysts' expectations.

The human resource/payroll company’s earnings came in at $1.15 a share, well above the $1.05 a share expected by analysts polled by Investing.com.

Revenue of $1.28 billion also beat expectations of $1.22 billion.

Paychex revenues from its Management Solutions segment increased +13% from the year-ago quarter to $959.9 million. Professional employer organization (“PEO”) and Insurance Solutions revenues were up +21% from the year-ago quarter to $301.7 million.

For fiscal year 2022, total revenues are now expected to register 12-13% growth compared with the prior expectation of 10-11%. Adjusted earnings per share are now expected to register 22.5-23% growth compared with the prior expectation of 18-20%.

Growth in management Solutions revenues are now expected to be in the range of 12-13% compared with the prior forecast of 10-11%. PEO and Insurance Solutions revenues are now expected to grow 13-14% compared with the previous outlook of 10-12%.

Adjusted operating margin is expected to be almost 40% compared vs. prior expectation of 39-40%. Adjusted EBITDA margin is now expected to be nearly 44-45% compared with the prior expectation of 44%.

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